Basics
state ownership of resources
command economy
The prices are generally determined by the state.What kind of economic system is this?
Planned or command economy
Aggregate demand formula
c+i+G(x-m)
Movement along the demand curve
Price determinant of demand
Specialisation leads to a person knowing all the parts of a job thoroughly
False
When market forces fail to allocate resources effectively
market failure
next best alternative foregone
opportunity cost
income, price of other goods, tastes, expectations of future prices
determinants of demand other than price
If the price of something is high what will happen to Supply?
Will go up
Variety in work is an advantage of diwision of labour
False
anything which is generally accepted as means of payment
money
the new factory has given jobs to locals but polluted the air
example of market economy
Output attributable per unit of input
Productivity
It is the independent variable in the law of demand
Price
Capital includes all man-made resources
True
Consumption, savings, taxes and imports
determinants of copnsumption
Transfer of ownership of assets from private sector to public sector
Because demand is higher than supply
Aggregate supply is higher than aggregate demand
deflationary gap
What happens to supply and demand if there is a really good discount sale?
The supply will go down and the Demand will go up.
Public goods are non-excludable but rival in nature
False.
It focuses on observations and expressions based on factual evidence
Positive economics
A record of the transfers of ownership of fixed assets and non-financial assets
Capital account
development which will benfit future generations
sustainable development
Which variable of the linear equation will change because of rise in population
variable a
The production possibility curve is a curve showing opportunity curve.
True